India Rooftop Solar Panel Market Growth, Demand, Size, and Forecast 2025–2033 | Get Sample Report
According to IMARC Group’s report titled "India Rooftop Solar Panel Market Size, Share, Trends and Forecast by Type of Solar Panel, Capacity, Connectivity, End-User, and Region, 2025-2033" the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.
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India Rooftop Solar Panel Market Overview
The India rooftop solar panel market size reached USD 2.35 Billion in 2024. The market is projected to reach USD 4.46 Billion by 2033, exhibiting a CAGR of 6.82% during the forecast period from 2025 to 2033. This growth is driven by supportive government initiatives, rising environmental awareness, advancements in solar technology, and expanding adoption in residential, commercial, industrial, and public sectors. The report presents a thorough review featuring the India rooftop solar panel market growth, share, trends, and research of the industry.
India Rooftop Solar Panel Market Key Takeaways
Current Market Size: USD 2.35 Billion in 2024
CAGR: 6.82%
Forecast Period: 2025-2033
The government’s PM Surya Ghar: Muft Bijli Yojana aims to install rooftop solar panels on 1 Crore (10 Million) homes by March 2027, offering subsidies of up to 40%.
By December 5, 2024, a total of 630,000 rooftop solar installations have been completed with a monthly installation rate of 70,000.
Government incentives including subsidies, tax benefits, and net metering policies encourage widespread adoption across various sectors.
Growing energy costs and demand for sustainable alternatives are boosting solar adoption.
Strategic partnerships like between Solplanet and Festa Solar are aiding cutting-edge technology adoption nationwide.
India Rooftop Solar Panel Market Growth Factors
Implementation of proactive government policies and financial incentives.
Indian government’s commitment via programs such as PM Surya Ghar: Muft Bijli Yojana.
Subsidies covering up to 40% of installation costs.
Simplified regulatory frameworks and streamlined approval processes.
Attractive loan schemes and funding options from financial institutions.
Rising environmental awareness among individuals and corporations.
Continuous advancements in solar technology improving efficiency.
Declining costs of solar technologies enhancing accessibility.
Steady expansion across residential, commercial, industrial, and public sectors.
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India Rooftop Solar Panel Market Trends
Proactive government policies and financial incentives significantly propel market growth.
The PM Surya Ghar: Muft Bijli Yojana targets 10 Million homes with rooftop solar by 2027.
The government’s push includes subsidies, tax benefits, and net metering policies.
Decentralized power generation reduces dependence on conventional sources improving energy access.
Simplified regulations and approvals encourage solar adoption.
Growing partnerships and collaborations, e.g., Solplanet and Festa Solar for utility-scale string inverters.
Technological advancements in panels, inverters, and battery storage increase installation viability.
Declining solar technology costs expand consumer base reach.
Rising environmental consciousness promotes clean energy adoption.
India Rooftop Solar Panel Market Segmentation
Type of Solar Panel Insights:
Monocrystalline Solar Panels
Polycrystalline Solar Panels
Thin-Film Solar Panels
Bifacial Solar Panels
The market is segmented based on different solar panel types including monocrystalline, polycrystalline, thin-film, and bifacial solar panels, covering diverse consumer preferences and efficiencies.
Capacity Insights:
Below 10 kW
10 kW to 100 kW
Above 100 kW
Market size and growth are analyzed based on installation capacities from small-scale (below 10 kW) to large-scale (above 100 kW) systems.
Connectivity Insights:
On-Grid
Off-Grid
Both on-grid and off-grid connectivity options are covered, reflecting different solar installation preferences and infrastructure requirements.
End-User Insights:
Residential
Commercial
Industrial
Government and Public Sector
Detailed analysis is provided on different end-user segments including residential, commercial, industrial, and government sectors.
India Rooftop Solar Panel Market Regional Insights
North India
South India
East India
West India
Summary: The India rooftop solar panel market is spread across major regions including North India, South India, East India, and West India. The market is dominated by these regions collectively with a strong adoption rate and growth aligned with the overall CAGR of 6.82% during 2025-2033.
India Rooftop Solar Panel Market Key Players
The report offers an in-depth examination of the competitive landscape, including market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
India Rooftop Solar Panel Market Recent Developments & News
On December 30, 2024, Jakson Group and OMC Power announced a collaboration to build a 50-MW rooftop solar project worth INR 200 Crore (about USD 24.10 Million) across all 75 districts of Uttar Pradesh, expected to offset 62,500 tonnes of CO₂ emissions annually.
On June 15, 2024, the Multilateral Investment Guarantee Agency (MIGA) announced a USD 317.5 Million guarantee aiding the State Bank of India (SBI) to refinance a USD 500 Million loan for Grid-connected Rooftop Solar Photovoltaic (GRPV) systems originally financed by the World Bank.
India Rooftop Solar Panel Market Key Highlights of the Report
Comprehensive quantitative analysis of the India rooftop solar panel market segments.
Detailed insights into market drivers, challenges, and opportunities.
Porter's five forces analysis to assess industry competitiveness.
Competitive landscape with key player positioning and strategies.
Historical data from 2019-2024 and forecasts until 2033.
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